Banner Corporation Earns $3.5 Million, or $0.30 Per Share, in Second Quarter.Business Editors WALLA WALLA Walla Walla (wŏl`ə wŏl`ə), city (1990 pop. 26,478), seat of Walla Walla co., SE Wash., at the junction of the Walla Walla River and Mill Creek, near the Oregon line; inc. 1862. , Wash.--(BUSINESS WIRE)--July 24, 2002 Banner Same as banner ad. 1. banner - The title page added to printouts by most print spoolers. Typically includes user or account ID information in very large character-graphics capitals. Corporation (Nasdaq:BANR BANR Board on Agriculture and Natural Resources ), the parent company of Banner Bank Banner Bank is a Washington financial institution based in Walla Walla. Originally known as First Federal Savings And Loan Of Walla Walla, it was the oldest Savings and Loan institution in the state of Washington. , today reported improved earnings for the second quarter and for the first six months of 2002. Second quarter net income totaled $3.5 million, or $0.30 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $1.6 million, or $0.14 per diluted share, in the second quarter of 2001. For the first six months of 2002, net income was $7.4 million, or $0.65 per diluted share, compared to $3.9 million, or $0.34 per diluted share, in the like period a year ago. "Over the past two quarters, we have continued to improve our earnings performance despite the weaker economic conditions affecting some of our markets. At the same time we have been augmenting our credit administration process and have hired additional credit personnel to renew and approve loan requests, identify problem loans and manage the work-out of problem loans," said D. Michael Jones Mike or Michael Jones may refer to: In sports:
Credit Quality Review The credit issues involving a former senior commercial loan officer, first announced in September September: see month. 2001, continue to affect the Company's results. For the quarter and six months ended June June: see month. 30, 2002, the Company recorded $4.0 million and $7.0 million in loan loss provision, respectively, primarily as a result of further deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in the quality of loans associated with that former officer in the greater Seattle Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. area and continued weakness with respect to economic activity in that market area. As noted in an earlier press release, many of the loans originated by that former officer were to marginal (jargon) marginal - 1. Extremely small. "A marginal increase in core can decrease GC time drastically." In everyday terms, this means that it is a lot easier to clean off your desk if you have a spare place to put some of the junk while you sort through it. 2. borrowers and many of the loans had been manipulated to disguise Disguise Dishonesty (See DECEIT.) Abigail enters nunnery as convert to retrieve money. [Br. Lit.: The Jew of Malta] Achilles disguised as a woman to avoid conscription. [Gk. credit weaknesses. This portion of the portfolio has continued to suffer in the current economic environment, leading to an elevated level of charge-offs and the need for additional loan loss provision. In the first half of 2002, the Company recorded total loan charge-offs of $8.4 million, of which $5.8 million was for loans associated with that former officer. Since first discovering the credit issues involving this former officer, Banner has recorded $16.1 million in charge-offs on loans associated with this individual, an amount which represents 80% of all charge-offs incurred by the Company over the past 18 months. Non-performing assets were $26.1 million, or 1.21% of total assets, at June 30, 2002, compared to $31.5 million, or 1.46% of total assets, at March 31, 2002. Included in the June 30, 2002 balances were $10.0 million of non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. associated with the former senior commercial loan officer. Excluding the assets associated with the former officer, non-performing assets were $16.2 million, or 0.75% of total assets, at June 30, 2002. "While we recognize these credit issues are costly, we are making progress toward their resolution. Exclusive of loan issues created by the former senior loan officer, the remainder of our loan portfolio's performance is relatively comparable to the national averages on many measures of asset quality," said Jones. Operations Review Revenues (net interest income before the provision for loan losses plus other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. ) increased 10%, to $23.0 million compared to $20.8 million for the quarter ended June 30, 2001. For the first half of the year, revenues increased 10% to $45.1 million compared to $41.2 million for the like period a year ago. In addition to growth at Banner Bank, revenues were augmented by the January January: see month. 2002 acquisition of Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. Business Bank. Net interest margin was 3.90% in the second quarter, level with the prior quarter, and 26 basis points higher than the 3.64% generated in the second quarter of 2001. "Our interest expense continued to decline faster than interest income, providing a boost to our interest rate spread," said Lloyd Baker, Chief Financial Officer. Net interest margin for the first half of the year was 3.90%, a 19 basis point improvement over the 3.71% margin a year ago. "As we continue to increase our deposit base with more transactional deposits and as existing time deposits and fixed rate borrowings reprice, we expect funding costs will continue to decline over the next quarter or two; however, in the current interest rate environment, lower asset yields are also likely," said Baker. For the second quarter, other operating income declined slightly to $3.5 million, from $3.6 million in the same quarter a year ago, but grew 4% for the first half of this year to $6.8 million from $6.5 million in the first half of 2001. "Our construction and mortgage lending operations, including our real estate lending subsidiary, Community Financial Corporation (CFC CFC See: Controlled foreign corporation ), continue to prosper in this low interest rate environment, contributing significantly to non-interest income," Jones noted. "One of the highlights of the quarter was the addition of three senior executives to our management team and a number of other well-qualified individuals to augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: our credit administration, community banking and middle market lending efforts," Jones noted. "Adding these highly experienced people is an important part of our strategy to improve loan quality, generate further growth and establish a presence in the lower middle market lending arena." Other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $13.8 million for the quarter compared to $15.2 million (which included a $2.6 million expense related to the check kiting The unlawful practice of drawing checks against a bank account containing insufficient funds to cover them, with the expectation that the necessary funds will be deposited before such checks are presented for payment. loss disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). in prior news releases) in the second quarter of 2001. Other operating expenses decreased for the first six months of 2002 to $27.2 million, compared to $30.9 million (including a $6.2 million charge for the check-kiting problem) in the like period a year ago. Other operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. for the quarter and six-month period included expenses resulting from the acquisition of Oregon Business Bank, which added 12 experienced employees and increased salary, benefits and occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal . Growth in the size and complexity in the Company's operations, including increased senior staff and additional production capacity at CFC, also added to operating expenses. In addition, following the adoption of the statement of financial accounting standard no. 142, the Bank no longer amortizes goodwill associated with intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. from acquisitions. Consequently, amortization expenses were significantly lower this year. Goodwill amortization expense was $795,000 in the second quarter of 2001 and $1.6 million in the first half of 2001. Balance Sheet Review Total assets increased 6% to $2.16 billion at June 30, 2002 from $2.04 billion at June 30, 2001, while stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $197.0 million compared to $193.0 million a year earlier. Book value per share at June 30, 2002 increased to $17.75 per share, from $17.22 per share a year earlier and tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. book value per share increased to $14.44 from $14.27. Banner's loan portfolio totaled $1.55 billion at June 30, 2002, down slightly from $1.57 billion a year ago. Growth in commercial and agricultural loans, which now represent 23% of the loan portfolio, offset the reduction in real estate loans which, despite strong real estate and construction loan production, declined as a result of continued refinancing Refinancing An extension and/or increase in amount of existing debt. activity in the low interest rate environment. Deposits increased 13% to $1.43 billion at June 31, 2002 from $1.26 billion a year earlier. Non-interest bearing deposits grew 40% to $196.2 million representing 14% of the deposit mix, compared $140.5 million or 11% a year ago. "Our retail and commercial business banking departments have been very successful in attracting new transaction accounts and expanding existing relationships," Jones said. "We look forward to expanding our franchise by opening Banner Bank's 40th and 41st branch offices in North Spokane Spokane, city, United States Spokane (spōkăn`), city (1990 pop. 177,196), seat of Spokane co., E Wash., at the spectacular falls of the Spokane River; inc. 1881. and Pasco, Washington Pasco (IPA: [ˈpæs ko]) is a city located in Franklin County, in the state of Washington, USA. Pasco is the county seat of Franklin CountyGR6. . These new offices, which we anticipate to open for business in August, are the first of several important expansion endeavors currently under consideration." Conference Call The Company will host a conference call today, July July: see month. 24, 2002 at 7:00 a.m. PST PST Paroxysmal supraventricular tachycardia, see there , to discuss second quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. results. The conference call can be accessed live by telephone at 952-556-2835, access code #6099068 or from the Company's website at www.banrbank.com, or www.companyboardroom.com. Institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. may access the call via www.streetevents.com. An archived recording of the call can be accessed by dialing 703-326-3020, access code #6099068 until July 31, 2002 or via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.companyboardroom.com through August 7, 2002. Banner Corporation is the parent of Banner Bank, a commercial bank which operates a total of 39 branch offices and six loan offices in 18 counties in Washington This is a list of counties in Washington. There are thirty-nine counties in the U.S. state of Washington. Certain residents of Snohomish County consider themselves to be part of Freedom County. , Oregon and Idaho Idaho (ī`dəhō), one of the Rocky Mt. states in the NW United States. It is bordered by Montana and Wyoming (E), Utah and Nevada (S), Oregon and Washington (W), and the Canadian province of British Columbia (N). . Banner serves the Pacific Northwest region
The Northwest Region with a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank on the Web at www.banrbank.com. Statements concerning future performance, developments or events, expectations for earnings, growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which are subject to a number of risks and uncertainties that are beyond the Company's control and might cause actual results to differ materially from the expectations and stated objectives. Factors which could cause actual results to differ materially include, but are not limited to, regional and general economic conditions, changes in interest rates, deposit flows, demand for mortgages and other loans, real estate values, competition, loan delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rates, changes in accounting principles, practices, policies or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. , changes in legislation or regulation, other economic, competitive, governmental, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and technological factors affecting operations, pricing, products and services and Banner's ability to successfully resolve the outstanding credit issues and recover check kiting losses. Accordingly, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Banner undertakes no responsibility to update or revise any forward-looking statements.
RESULTS OF OPERATIONS Quarters Ended
(In thousands except ----------------------------------------
share and per share Jun 30, 2002 Mar 31, 2002 Jun 30, 2001
data) ------------ ------------ ------------
INTEREST INCOME:
Loans
receivable $ 30,702 $ 31,251 $ 34,257
Mortgage-backed
securities 2,886 2,556 3,005
Securities
and deposits 2,688 2,211 2,477
------------ ------------ ------------
36,276 36,018 39,739
INTEREST EXPENSE:
Deposits 9,874 10,144 13,992
Federal Home Loan
Bank advances 6,231 6,468 7,686
Other borrowings 738 492 867
------------ ------------ ------------
16,843 17,104 22,545
------------ ------------ ------------
Net Interest Income
Before Provision
For Loan Losses 19,433 18,914 17,194
PROVISION FOR LOAN LOSSES 4,000 3,000 2,950
------------ ------------ ------------
Net Interest Income
After Provision
For Loan Losses 15,433 15,914 14,244
OTHER OPERATING INCOME:
Loan servicing fees 413 344 285
Other fees and
service charges 1,548 1,258 1,468
Gain (loss) on sale
of loans 1,128 1,291 1,222
Gain (loss) on sale
of securities 12 5 360
Miscellaneous 448 320 300
------------ ------------ ------------
3,549 3,218 3,635
OTHER OPERATING EXPENSE:
Salary and employee
benefits 9,090 8,694 7,625
Less capitalized loan
origination costs (1,292) (1,313) (1,371)
Occupancy and
equipment 2,039 2,083 1,885
Information / computer data
services 724 613 859
Advertising 298 299 215
Check kiting
loss -- -- 2,600
Amortization of
intangibles 53 75 795
Miscellaneous 2,928 2,875 2,593
------------ ------------ ------------
13,840 13,326 15,201
------------ ------------ ------------
Income Before
Provision For
Income Taxes 5,142 5,806 2,678
PROVISION FOR INCOME TAXES 1,615 1,897 1,059
------------ ------------ ------------
NET INCOME $ 3,527 $ 3,909 $ 1,619
============ ============ ============
Earnings Per Share
Basic $ 0.32 $ 0.35 $ 0.14
Diluted $ 0.30 $ 0.34 $ 0.14
Cumulative Dividend Per
Share $ 0.15 $ 0.15 $ 0.14
Weighted Average Shares
Outstanding
Basic 11,070,028 11,033,366 11,176,583
Diluted 11,581,510 11,448,741 11,683,168
Shares repurchased during
the period -- 40,000 173,679
RESULTS OF OPERATIONS Six Months Ended
(In thousands except -------------------------------
share and per share data) Jun 30, 2002 Jun 30, 2001
------------ ------------
INTEREST INCOME:
Loans receivable $ 61,953 $ 68,919
Mortgage-backed securities 5,442 6,277
Securities and deposits 4,899 5,121
------------ ------------
72,294 80,317
INTEREST EXPENSE:
Deposits 20,018 28,211
Federal Home Loan Bank advances 12,699 15,506
Other borrowings 1,230 1,935
------------ ------------
33,947 45,652
------------ ------------
Net Interest Income Before
Provision For Loan Losses 38,347 34,665
PROVISION FOR LOAN LOSSES 7,000 3,900
------------ ------------
Net Interest Income After
Provision For Loan Losses 31,347 30,765
OTHER OPERATING INCOME:
Loan servicing fees 757 595
Other fees and service
charges 2,806 2,931
Gain (loss) on sale of loans 2,419 2,083
Gain (loss) on sale of
securities 17 360
Miscellaneous 768 531
------------ ------------
6,767 6,500
OTHER OPERATING EXPENSE:
Salary and employee benefits 17,784 15,004
Less capitalized loan
origination costs (2,605) (2,436)
Occupancy and equipment 4,122 3,744
Information / computer data
services 1,337 1,502
Advertising 597 418
Check kiting loss -- 6,200
Amortization of intangibles 128 1,590
Miscellaneous 5,803 4,890
------------ ------------
27,166 30,912
------------ ------------
Income Before Provision
For Income Taxes 10,948 6,353
PROVISION FOR INCOME TAXES 3,512 2,425
------------ ------------
NET INCOME $ 7,436 $ 3,928
============ ============
Earnings Per Share
Basic $ 0.67 $ 0.35
Diluted $ 0.65 $ 0.34
Cumulative Dividend Per Share $ 0.30 $ 0.28
Weighted Average Shares
Outstanding
Basic 11,051,798 11,219,428
Diluted 11,515,479 11,652,612
Shares repurchased during the
period 40,000 287,679
NOTE: Certain reclassifications have been made to the prior
periods' financial numbers to conform to the current period's
presentation. These reclassifications have affected certain
ratios for the prior periods. The effect of such
reclassifications is immaterial.
FINANCIAL CONDITION
(In thousands
except share
and per share
data) Jun 30, 2002 Mar 31, 2002 Jun 30, 2001 Dec 31, 2001
------------ ------------ ------------ ------------
ASSETS
Cash and due
from banks $ 93,276 $ 85,165 $ 50,316 $ 67,728
Securities available
for sale 361,604 345,682 282,233 301,847
Securities held to
maturity 14,435 15,022 16,557 14,828
Federal Home Loan
Bank stock 31,800 31,330 29,780 30,840
Loans receivable:
Held for sale 10,491 14,240 26,139 43,235
Held for
portfolio 1,558,176 1,583,121 1,555,751 1,549,742
Allowance for
loan losses (16,646) (18,899) (16,775) (17,552)
------------ ------------ ------------ ------------
1,552,021 1,578,462 1,565,115 1,575,425
Accrued interest
receivable 13,994 13,485 12,875 12,929
Real estate
held for sale, net 6,253 2,762 3,227 3,011
Property and
equipment, net 18,502 18,299 18,167 18,151
Costs in excess
of net assets
acquired
(goodwill), net 36,817 36,742 33,027 31,437
Deferred income tax
asset, net 1,910 2,782 1,859 1,443
Bank owned life
insurance 30,895 20,535 19,682 20,304
Other assets 3,191 1,993 3,758 9,151
------------ ------------ ------------ ------------
$ 2,164,698 $ 2,152,259 $ 2,036,596 $ 2,087,094
============ ============ ============ ============
LIABILITIES
Deposits:
Non-interest-
bearing $ 196,221 $ 199,328 $ 140,513 $ 180,813
Interest-bearing 1,230,667 1,213,409 1,119,490 1,114,998
------------ ------------ ------------ ------------
1,426,888 1,412,737 1,260,003 1,295,811
Borrowings:
Advances from
Federal Home Loan
Bank 431,183 461,182 504,082 501,982
Trust preferred
securities 25,000 -- -- --
Other borrowings 68,723 72,677 65,097 76,715
------------ ------------ ------------ ------------
524,906 533,859 569,179 578,697
Accrued expenses
and other
liabilities 12,406 10,210 12,001 17,591
Deferred compensation 2,960 2,826 2,434 2,655
Income taxes payable 555 708 -- --
------------ ------------ ------------ ------------
1,967,715 1,960,340 1,843,617 1,894,754
STOCKHOLDERS' EQUITY
Common stock and
additional paid in
capital 127,250 126,375 129,843 126,844
Retained earnings 72,054 70,276 67,523 68,104
Accumulated other
comprehensive income 2,534 133 958 2,264
Unearned shares
of common stock
issued to Employee
Stock Ownership
Plan (ESOP) trust:
at cost (4,769) (4,769) (5,234) (4,769)
Net carrying value
of stock related
deferred compensation
plans (86) (96) (111) (103)
------------ ------------ ------------ ------------
196,983 191,919 192,979 192,340
------------ ------------ ------------ ------------
$ 2,164,698 $ 2,152,259 $ 2,036,596 $ 2,087,094
============ ============ ============ ============
Shares Issued:
Shares outstanding
at end of period 11,671,937 11,621,426 11,839,957 11,634,159
Less unearned
ESOP shares
at end of
period 577,039 577,039 633,278 577,039
------------ ------------ ------------ ------------
Shares outstanding
at end of period
excluding unearned
ESOP shares 11,094,898 11,044,387 11,206,679 11,057,120
============ ============ ============ ============
Book Value Per
Share (1) $ 17.75 $ 17.38 $ 17.22 $ 17.40
Tangible Book
Value Per
Share (1) $ 14.44 $ 14.05 $ 14.27 $ 14.55
Consolidated
Tier 1 Leverage
Capital Ratio 8.66% 7.51% 8.03% 7.71%
(1)- Calculation is based on number of shares outstanding at the
end of the period rather than weighted average shares
outstanding and excludes unallocated shares in the employee
stock ownership plan (ESOP).
ADDITIONAL FINANCIAL INFORMATION
( Dollars in thousands )
Jun 30, Mar 31, Jun 30, Dec 31,
LOANS 2002 2002 2001 2001
(including ---------------------------------------------
loans held for sale):
Secured by real estate:
One- to
four-family $ 378,566 $ 388,509 $ 392,775 $ 422,456
Commercial 367,166 379,448 396,017 363,560
Multifamily 81,942 80,264 83,853 79,035
Construction and
land 340,117 352,076 327,261 335,798
Commercial
business 263,796 269,713 252,308 270,022
Agricultural
business 95,375 84,233 73,053 76,501
Consumer 41,705 43,118 56,623 45,605
---------- ---------- ---------- ----------
Total loans
outstanding $ 1,568,667 $ 1,597,361 $ 1,581,890 $ 1,592,977
========== ========== ========== ==========
NON-PERFORMING Jun 30, Mar 31, Jun 30, Dec 31,
ASSETS: 2002 2002 2001 2001
---------------------------------------------
Loans on non-
accrual status $ 19,562 $ 28,488 $ 7,486 $ 17,509
Accruing loans
greater than 90
days delinquent 314 222 611 534
---------- ---------- ---------- ----------
Total non-
performing loans 19,876 28,710 8,097 18,043
Real estate owned
(REO)/
Repossessed assets 6,253 2,762 3,227 3,011
---------- ---------- ---------- ----------
Total non-
performing assets $ 26,129 $ 31,472 $ 11,324 $ 21,054
========== ========== ========== ==========
Total non-
performing assets
/Total assets 1.21% 1.46% 0.56% 1.01%
Quarters Ended Six Months Ended
Jun 30, Mar 31, Jun 30, Jun 30, Jun 30,
CHANGE IN THE 2002 2002 2001 2002 2001
ALLOWANCE FOR LOAN ------------------------------------------------
LOSSES:
Balance at
beginning of
period $ 18,899 $ 17,552 $ 15,980 $ 17,552 $ 15,314
Acquisitions/
divestitures -- 460 -- 460 --
Provision
for loan
losses 4,000 3,000 2,950 7,000 3,900
Recoveries 51 19 22 70 33
Charge-offs (6,304) (2,132) (2,177) (8,436) (2,472)
-------- -------- -------- -------- --------
Net(charge-offs)
recoveries (6,253) (2,113) (2,155) (8,366) (2,439)
-------- -------- -------- -------- --------
Balance at
end of
period $ 16,646 $ 18,899 $ 16,775 $ 16,646 $ 16,775
======== ======== ======== ======== ========
Net charge-offs/
Average loans
outstanding 0.39% 0.13% 0.14% 0.52% 0.16%
Allowance for loan
losses/Total
loans outstanding 1.06% 1.18% 1.06% 1.06% 1.06%
NOTE: Certain reclassifications have been made to the prior
periods' financial numbers to conform to the current period's
presentation. These reclassifications have affected certain ratios for
the prior periods. The effect of such reclassifications is immaterial.
ADDITIONAL FINANCIAL INFORMATION
( Dollars in thousands )
( Rates / Ratios Annualized )
Quarters Ended Six Months Ended
OPERATING Jun 30, Mar 31, Jun 30, Jun 30, Jun 30,
PERFORMANCE: 2002 2002 2001 2002 2001
---------------------------------------------------
Average loans $1,586,389 $1,607,697 $1,551,811 $1,596,968 $1,534,087
Average
securities
and deposits 413,038 356,817 343,453 385,208 350,809
Average non-
interest-
earning
assets 139,813 134,909 117,462 137,061 115,751
---------- ---------- ---------- ---------- ----------
Total Average
Assets $2,139,240 $2,099,423 $2,012,726 $2,119,237 $2,000,647
========== ========== ========== ========== ==========
Average
deposits $1,386,332 $1,335,890 $1,226,077 $1,361,457 $1,209,293
Average
borrowings 542,339 556,274 573,697 549,280 578,594
Average non-
interest-
earning
liabilities 13,191 11,040 15,179 11,716 15,190
---------- ---------- ---------- ---------- ----------
Total Average
Liabilities 1,941,862 1,903,204 1,814,953 1,922,453 1,803,077
Total average
equity 197,378 196,219 197,773 196,784 197,570
---------- ---------- ---------- ---------- ----------
Total Average
Liabilities
And Equity $2,139,240 $2,099,423 $2,012,726 $2,119,237 $2,000,647
========== ========== ========== ========== ==========
Interest rate
yield on
loans 7.76% 7.88% 8.85% 7.82% 9.06%
Interest rate
yield on
securities
and deposits 5.41% 5.42% 6.40% 5.41% 6.55%
---------- ---------- ---------- ---------- ----------
Interest Rate
Yield On
Interest-
Earning
Assets 7.28% 7.44% 8.41% 7.35% 8.59%
---------- ---------- ---------- ---------- ----------
Interest rate
expense on
deposits 2.86% 3.08% 4.58% 2.97% 4.70%
Interest rate
expense on
borrowings 5.15% 5.07% 5.98% 5.11% 6.08%
---------- ---------- ---------- ---------- ----------
Interest Rate
Expense On
Interest-
Bearing
Liabilities 3.50% 3.67% 5.02% 3.58% 5.15%
---------- ---------- ---------- ---------- ----------
Interest rate
spread 3.78% 3.77% 3.39% 3.77% 3.44%
========== ========== ========== ========== ==========
Net interest
margin 3.90% 3.90% 3.64% 3.90% 3.71%
========== ========== ========== ========== ==========
Other
operating
income /
Average
assets 0.67% 0.62% 0.72% 0.64% 0.66%
Other
operating
expense /
Average
assets 2.59% 2.57% 3.03% 2.58% 3.12%
Efficiency
ratio ( other
operating
expense /
revenue ) 60.22% 60.21% 72.98% 60.22% 75.09%
Return on
average
assets 0.66% 0.76% 0.32% 0.71% 0.40%
Return on
average
equity 7.17% 8.08% 3.28% 7.62% 4.01%
Average
equity /
Average
assets 9.23% 9.35% 9.83% 9.29% 9.88%
NOTE: Transmitted on Business Wire at 5:00 a.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT on July 24, 2002. |
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